Which of the following activity is not part of the compilation of prospective financial statements?
A) Assembling prospective financial statements based on the responsible party's assumptions.
B) Performing compilation procedures, including reading the prospective financial statements, along with their assumptions and accounting policies, and considering whether they appear to be presented in conformity with AICPA presentation guidelines and that they are not obviously inappropriate.
C) Issuing a compilation report.
D) Providing assurance on the prospective financial statements.

Question

Quizplus · Accepted Answer

Providing assurance on the prospective financial statements is not part of the compilation of prospective financial statements. Compilation is the process of assembling, presenting, and disclosing prospective financial information based on the responsible party's assumptions, without providing any assurance.

Which of the Following Activity Is Not Part of the Compilation